Jackson Financial CEO caps 40-year career with blockbuster Q2

Tuesday saw Jackson Financial CEO Laura Prieskorn deliver her final quarterly earnings report, concluding her 40-year career with robust results.

Retail annuity sales of $5.9 billion were up 34% from the second quarter of 2025, including record registered index-linked annuity sales of $2.3 billion, up 69% from the year-ago quarter. Jackson posted adjusted operating earnings of $513 million, for a record $7.30 per diluted share in the second quarter, compared to $350 million, or $4.87 per diluted share in Q2 2025.

Prieskorn will step down from her active role as president, CEO, and board member on Sept. 30. To ensure a smooth transition, she will continue serving as a corporate advisor through Dec. 31. The Jackson board named Chief Financial Officer Don Cummings as her successor.

"Under her steadfast leadership, the company navigated the transformational period, advancing many important strategic initiatives that have strengthened our foundation and positioned Jackson well for continued growth," Cummings said of Prieskorn. "I look forward to leading Jackson through its next phase of growth."

Brian Walta will succeed Cummings as executive vice president and CFO, also effective Oct. 1.

The quarter was so strong that the first question, from Wall Street analyst Suneet Kamath of Jeffries, is whether Jackson can duplicate it.

Jackson benefitted from stronger equity investment performance, Cummings noted, and higher earnings and interest rates. Assets under management were up nearly 50% year over year, contributing to strong spread earnings, he added.

“Higher equities, higher interest rates are good for our businesses, and while we're not providing full-year financial guidance, they are a couple of indicators that I think bode well for us having strong results going forward,” Cummings said.

Powerful annuity sales

Jackson reported total retail annuity sales of $5.9 billion in the second quarter, up from $4.4 billion in the year-ago quarter. The insurer once thrived off industry-leading traditional variable annuity sales, before the product fell into disfavor. Second-quarter VA sales of $2.7 billion were up from $2.5 billion in the second quarter of 2025, reflecting higher sales of products without lifetime benefits.

Record RILA sales of $2.3 billion in the second quarter were up from $1.4 billion in the second quarter of 2025. Fixed and fixed index annuity sales in the second quarter of $812 million were up from $470 million in the second quarter of 2025.

“We anticipate continued RILA sales growth resulting from our June launch of Market Link Pro Four and Market Link Pro Advisory Four,” Prieskorn said. “This latest addition to our RILA product suite is the first in the industry to reflect the Dow Jones Industrial Average Index option.”

Recent policyholder behavior trends have been more favorable than in previous periods ahead of the company's annual review of actuarial assumptions later this year, Cummings said.

Jackson also reiterated its willingness to pursue acquisitions or block transactions that diversify its business beyond annuities. Executives said opportunities involving life insurance liabilities would receive particular interest if they complement the company's long-term strategy, although any transaction would be evaluated against returning capital to shareholders.

Quarterly Highlights

• Total adjusted capital of $5.8 billion at the end of Q2, and an estimated risk-based capital ratio at Jackson National Life Insurance Co. of 538%.
• Cash and highly liquid securities at the holding company of nearly $1.4 billion as of June 30, above the company's updated target of $325 million.
• Institutional Products reported pretax adjusted operating earnings of $29 million in the quarter, compared to $19 million in Q2 2025, driven by higher spread income resulting from higher AUM.
• Closed life and annuity blocks reported a pretax adjusted operating income loss of $10 million in the second quarter, compared to $22 million in the year-ago quarter, "primarily reflecting lower limited partnership income, partially offset by decreases in reserves from the runoff of in-force business."

By The Numbers

• Net Income: $644 million ($168 million in Q2 2025)
• Adjusted Operating Earnings: $513 million ($350 million in Q2 2025)
• Earnings Per Share: $7.30 per share ($4.87 in Q2 2025)
• Share Repurchases: $227 million in Q2 2026
• Dividend Declared: $63 million in Q2 2026
• Stock Price Movement: Shares rose more than 6% by late Tuesday to $133.76

© Entire contents copyright 2026 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.